GAVNet Collaborative Curation

Finance is an essential component of industrial change because it allows technologies to be developed before they can generate a return. But if finance no longer serves industrial change but instead prioritizes rent-seeking (seeking to increase its share of existing wealth without creating new sources of wealth), creative destruction of the present carbon-intensive industrial system cannot occur. The aim of this article is to investigate this issue through a study of the emergence of one low-carbon industry, solar photovoltaics (PV) in the United States. The focus is on the period after the first oil shock in 1973 until the end of the 1980s. The case is contrasted with the more successful development of the industry in Japan. In the late 1970s, American firms held 90% of the global market share; by 2005, it had declined to under 10%, whereas the Japanese share had risen to almost 50% (9). Changes to corporate governance and organization brought by financialization are identified as major causes of the difference in outcome.

One camp consisted of a small number of entrepreneurs who had been involved in producing solar cells for the space program or pioneered their application on Earth.

The other camp consisted of the energy policy bureaucracy and closely affiliated large manufacturing and energy corporations along with utilities (65).

Today, the clinic not only provides high-quality health care that is affordable to all, but actively rewards communities that reduce logging, or stop altogether, with further reductions on the cost of treatment. Forest guardians, recruited in every village, encourage others in their community to reduce logging. The guardians also monitor illegal activity and reforestation efforts, and offer training in organic farming techniques.

Today, the clinic not only provides high-quality health care that is affordable to all, but actively rewards communities that reduce logging, or stop altogether, with further reductions on the cost of treatment. Forest guardians, recruited in every village, encourage others in their community to reduce logging. The guardians also monitor illegal activity and reforestation efforts, and offer training in organic farming techniques.